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A 1923-S Standing Liberty Quarter in PCGS MS67+ Full Head with CAC approval sold for $48,469 at Stack's Bowers. Your coin starts at face value if worn — or climbs to thousands if you hold the rare San Francisco key date. This free tool tells you exactly where yours lands.
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Check My 1923 Quarter Value →For a thorough detailed 1923 quarter identification guide and value breakdown complete with grading photos and variety comparisons, visit the linked reference. The table below summarizes current market ranges across all major varieties and conditions.
| Variety | Worn (G–VG) | Circulated (F–EF) | Uncirculated (MS60–63) | Gem (MS65+) |
|---|---|---|---|---|
| 1923 (Philadelphia) | $20 – $35 | $40 – $75 | $200 – $320 | $900+ |
| 1923 FH (Philadelphia) | — | — | $550 – $1,400 | $3,000+ |
| ⭐ 1923-S (San Francisco) | $470 – $700 | $850 – $1,800 | $2,900 – $4,500 | $8,000+ |
| 🔥 1923-S FH (San Francisco) | — | — | $4,000 – $10,000 | $20,000+ |
| Dateless / Heavily Worn | Silver melt value only (~$12–$19 depending on spot price) | |||
⭐ = Key date (1923-S) · 🔥 = Rarest variety (1923-S FH) · Values are market ranges, not guarantees. Cleaned or damaged coins sell below these figures.
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The 1923 Standing Liberty Quarter series rewards careful examination. Beyond the two mint issues, collectors prize a handful of specific designations and varieties that dramatically affect value. Learn what to look for — and what separates a $20 coin from one worth thousands.
The 1923-S is the defining coin of the 1923 issue — a recognized key date in the Standing Liberty quarter series, second only to the legendary 1916 in minimum value across all grades. With a mintage of just 1,360,000, it is the second-lowest production figure among Type 2 (raised-date) quarters, making survivors scarce at every grade level.
Identifying this variety is straightforward: look to the left of the date on the obverse wall, just beside a small star. A clear, upright "S" confirms San Francisco production. Philadelphia coins of the same year have no mint mark at all — the absence of a letter is significant. Beware of added or altered mint marks, a known fraud with this coin; always buy a certified slab from PCGS or NGC.
Collector demand is intense at every grade. Even heavily circulated examples in Good condition command $470 or more, far above silver melt. Uncirculated examples are genuinely rare since most coins saw heavy use in the 1920s. The combination of low mintage, heavy circulation survival rates, and strong series popularity creates persistent upward pricing pressure across all grades.
The Full Head designation is not an error in the traditional sense — it is a strike-quality premium applied by PCGS and NGC to Standing Liberty quarters that show complete, crisp detail across Liberty's entire head. Because the design's high relief made it extremely difficult for metal to flow into every fine feature during striking, the overwhelming majority of 1923 quarters show weak or missing head detail even in Mint State.
Three diagnostic areas must all be fully struck to qualify: the hairline running across Liberty's forehead (often the first feature to go flat), all three leaves visible in her hair above and to the right, and the distinct ear indentation on the left side of her head. A 5–10× loupe is essential for this examination. A single flat or merged feature disqualifies the coin from FH status.
The financial impact is dramatic. An MS64 FH example can be 8 to 12 times more valuable than a standard MS64. For the 1923-S FH, this effect is magnified further by the underlying key-date scarcity. Certified FH examples at MS65 or better are legitimately rare coins that command four- to five-figure prices at major auctions. Any Mint State 1923 quarter should be evaluated for FH potential before selling.
Doubled die obverse errors occur when a hub used to create the working die shifts slightly between impressions, causing design elements to appear doubled when the coin is struck. On 1923 Standing Liberty quarters, doubling manifests most visibly on the date digits and the LIBERTY inscription. Collectors hunting die varieties should examine the "3" in 1923 and the letters of LIBERTY for a distinct shelf or shadow image offset from the primary design.
Die cracks are a related variety category — linear raised ridges on the coin's surface caused by fractures in the steel die. They appear as thin, raised lines running through the design. On the 1923 quarter, die cracks most commonly run through the shield, the date area, or across the obverse field. A crack through the date or through Liberty's head is considered particularly dramatic and desirable to variety specialists.
Premiums for DDO and die-crack varieties on common-date 1923 quarters are modest compared to the key-date and FH premiums — but they reward careful searchers. Well-documented examples with clear diagnostics and original surfaces attract collectors seeking affordable die-variety pieces. Attribution through CONECA or PCGS variety databases adds credibility and value.
The Standing Liberty quarter series is notorious for weak strikes — a manufacturing characteristic rather than a post-mint defect. The design's high relief required considerable pressure to fully transfer fine details, and many 1923 Philadelphia coins left the press with incomplete head detail, flat midsections, and poorly defined shield rivets. These weak strikes are not errors in the mint-error sense, but they represent a significant grading challenge.
Visually, a weak-strike 1923 quarter appears to show heavy wear even when uncirculated. Liberty's head is rounded and smooth, the three leaves in her hair are merged, and the row of rivets on the shield appears as a flat ridge rather than individual bumps. Inexperienced collectors often misidentify these as heavily circulated examples, creating occasional undervalued finds at coin shows and flea markets.
Understanding strike weakness is critical for accurate grading. NGC and PCGS graders adjust for known strike softness — a coin that appears to be VF based on head detail alone may genuinely grade AU or MS if the rest of the design shows no actual wear. Dealers familiar with the series look at the eagle's breast feathers and the fields for luster rather than focusing solely on Liberty's head. Soft-strike coins are generally avoided by discerning collectors and sell at discounts.
Use the free calculator below to get an estimated value based on your coin's mint mark, condition, and variety features — in under 60 seconds.
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| Mint | Mint Mark | Mintage | Survival Notes |
|---|---|---|---|
| Philadelphia | None | 9,716,000 | Common in worn grades; gem FH examples scarce |
| San Francisco | S | 1,360,000 | Key date; heavily circulated survivors dominate; MS FH extremely rare |
| Total 1923 | 11,076,000 | Both issues resumed after 1922 hiatus | |
Note: The 1923-S mintage of 1,360,000 is the second-lowest of the Type 2 raised-date variety (1917–1924), after only the 1916. Production resumed in 1923 after a complete hiatus in 1922, when no Standing Liberty quarters were struck at any mint.
Grading the 1923 quarter requires attention to the raised date, Liberty's midsection and head, the shield rivets, and the eagle's feathers. Use the grading strip below as a visual baseline, then match your coin to the four condition tiers.
Major details present but flat. Liberty's right leg merges from foot to hip. Date must still be visible — a common problem on Type 2 quarters. Shield outline survives but rivets are merged. Worth $20–$470 depending on mint mark.
High points worn but design legible. Liberty's midsection shows flat areas; drapery lines partially visible. Date clear, shield rivets partially defined. Head detail weak but outline present. Worth $40–$1,800 depending on variety.
Light wear on highest relief — Liberty's right knee and midsection. Eagle breast feathers show slight flatness. Mint luster partially intact in protected areas. Head detail varies significantly by strike quality. Worth $55–$4,500.
No wear; original cartwheel luster intact. Check head detail for Full Head status — most MS coins still lack complete FH even at MS65. Eagle feathers sharp. Strike quality varies widely. Worth $200 to $48,000+ for certified FH examples.
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Not sure if your coin is the rare San Francisco key date? Work through the four checks below to identify whether you're holding a common Philadelphia quarter or the coveted 1923-S.
No letter visible to the left of the date on the obverse wall beside the star. Mintage: 9,716,000. Worth $20–$320 in most circulated grades. Still requires FH check if uncirculated.
Small "S" visible to the left of the date on the obverse wall beside the star. Mintage: only 1,360,000. Worth $470+ even heavily worn; thousands in uncirculated grades with Full Head.
The self-checker tells you what you have — the calculator below estimates what it's worth based on mint, condition, and Full Head status.
Get My Value Estimate →Select your coin's mint mark, condition, and any special designations to get an instant estimated value range.
If you're not yet sure about your coin's mint mark or condition, there's a 1923 Quarter Coin Value Checker online tool that can analyze a photo of your coin and estimate its grade and value — no numismatic knowledge required.
Type a description of what you see on your coin and our analyzer will provide a tailored assessment with specific value guidance.
The right venue depends on your coin's value tier. A worn Philadelphia quarter belongs in a different market than a certified 1923-S in MS65 FH.
Best for high-value examples — certified 1923-S coins in EF or better, any MS grade FH examples, or rare die varieties. Both firms have a deep collector base for Standing Liberty quarters. Stack's Bowers achieved the $48,469 record for the 1923-S FH. Expect 15–20% buyer's premium reducing your net proceeds. Consignment minimums typically apply.
Excellent for all grades and both mint issues. Certified slabs in PCGS or NGC holders sell consistently. Review recently sold 1923 Standing Liberty quarter prices and completed listings before pricing your coin to ensure you're in range with current market comps. Raw (uncertified) worn examples sell fast at lower price points.
Convenient for quick sales of circulated examples. Dealers typically offer 60–75% of retail for common-date Philadelphia quarters and 70–80% for certified 1923-S coins depending on grade. Bring comparable eBay sold listings to support your asking price. Avoid selling a potential FH coin raw to a dealer — get it graded first.
Good peer-to-peer option for mid-range examples ($50–$500). The collector community is knowledgeable about Standing Liberty quarters. Post clear photos in natural light. Include any certification details. Buyers on collector forums tend to pay closer to full retail than dealers, especially for coins with original surfaces and pleasing eye appeal.
Any 1923-S quarter in AU or Mint State condition should be submitted to PCGS or NGC before selling. A certified MS64 1923-S can be worth 3–5× more than a raw example of the same quality — and a Full Head designation multiplies that further. Also watch for added or altered "S" mint marks on Philadelphia coins; a certification slab authenticates both the grade and the mint mark, protecting both buyer and seller.
A 1923 Philadelphia quarter (no mint mark) is worth around $20–$25 in Good condition, $40–$55 in Very Fine, and $200–$310 in Mint State MS60–MS63. Gem examples in MS65 or better with the Full Head designation can reach several thousand dollars. The Philadelphia issue had a mintage of 9,716,000, making it the more common of the two 1923 varieties.
The 1923-S Standing Liberty Quarter is a key date coin worth around $470 in Good condition, $850 in Very Fine, and $1,500 or more in Extremely Fine. Uncirculated examples in MS60 start around $2,900. The all-time auction record for a 1923-S Full Head example is $48,469 for a PCGS MS67+ CAC coin sold at Stack's Bowers in 2013. Its mintage of just 1,360,000 makes it a highly coveted series key.
The Full Head designation is awarded by PCGS or NGC when a Standing Liberty Quarter shows complete detail in three areas: the hairline at Liberty's forehead, all three leaves in her hair, and the ear indentation. Because the high-relief design made fine detail difficult to strike fully, genuine FH coins are rare. An MS64 FH can be 8–12 times more valuable than a standard MS64 without the designation.
On 1923 Standing Liberty Quarters, the mint mark is on the obverse (front) of the coin, positioned to the left of the date on the wall beside a small star. San Francisco-minted coins display a small 'S' in this spot. Philadelphia coins have no mint mark at all — a blank space to the left of the date indicates Philadelphia production.
The 1923 quarter is a Type 2 (raised-date) variety, meaning the date sits atop an exposed pedestal in high relief. This placement caused the date to wear quickly once coins entered circulation. Many 1923 and 1923-S quarters became dateless after moderate use. In 1925, the Mint recessed the date into the design to solve this problem — making all pre-1925 Standing Liberty quarters vulnerable to date loss.
Yes. The 1923-S is considered a key date in the Standing Liberty quarter series with a mintage of only 1,360,000 — the second-lowest among early (raised-date) issues after the 1916. Most circulated examples suffered heavy wear, and genuine Full Head Mint State coins are extremely scarce. It is second only to the 1916 quarter in minimum value across all grades.
Several factors can elevate a 1923 quarter above its silver melt value: the presence of the 'S' mint mark (making it the rare key date), higher circulated grades (Fine or better), the Full Head designation in Mint State, original un-cleaned surfaces, and strong eye appeal. Common-date Philadelphia examples in worn grades often trade only slightly above silver bullion, while the 1923-S and gem FH coins command strong numismatic premiums.
Examine Liberty's head under a 5–10× loupe. Three features must be fully visible: (1) the hairline running across Liberty's forehead, (2) all three leaves in her hair above and to the right of her head, and (3) the small ear indentation on the left side of her head. If any of these three details are flat, weak, or merged, the coin does not qualify for the Full Head designation.
The most noteworthy varieties for the 1923 quarter include: doubled die obverse examples showing doubling on the date or LIBERTY; die cracks visible through the shield or date area; weak-strike 'flat head' specimens that are sometimes misidentified as errors; and the rare 1923-S itself, which sometimes shows added or altered mint marks (a form of fraud to watch for). Genuine doubled dies and die cracks carry modest premiums over standard examples.
Never clean a 1923 quarter — cleaning permanently destroys the coin's original surfaces and dramatically reduces its value. Professional graders at PCGS and NGC can identify cleaning under magnification. A cleaned coin typically receives a 'details' grade rather than a numeric grade, and will sell for a fraction of what an original-surface example brings. Original un-cleaned surfaces are a significant factor in maximizing value, especially on key-date 1923-S coins.
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